Life insurance tailored for you

Life insurance is a financial instrument that provides a payout in the event of the policyholder’s death, and in some cases for other critical situations (illness, disability). It helps protect the family and loved ones from sudden financial burdens.

◦ Term insurance: covers only the risk of death (sometimes critical illnesses).
◦ Investment-linked: a portion of the premium is invested, and the policyholder may receive the accumulated amount at the end of the term.
◦ Whole life or endowment (capital): combines insurance coverage with saving or investment features, building up capital over time.

Czech citizens and foreigners with a long-term or permanent residence permit. Conditions for non-residents may differ, and not all insurers offer policies to them, but generally it is possible with valid status and provable income.

Factors include the insured person’s age, health, lifestyle (chronic diseases, smoking), the desired coverage amount and type, the policy term, and any additional riders (disability, critical illness, loss of income, etc.).

Often, filling out a health questionnaire is sufficient. However, for higher coverage amounts or if the insurer suspects elevated health risks, a medical check or additional reports may be required.

In cases of serious illnesses (heart attack, cancer, stroke, etc.) or if the insured person becomes disabled, the insurer pays out a predefined amount. This helps cover medical expenses and maintain living standards if the insured loses earning ability.

◦ Term life: covers a set period (e.g., 10–20 years). If the insured survives the term, no payout is made (unless additional features are included).
◦ Whole life or capital-building: lasts for the insured’s lifetime or until a specified age. Part of the premiums accumulate in a savings or investment component, which can be paid out at policy maturity.

It’s not legally required, but banks often recommend or insist on life insurance to protect themselves and the borrower’s family in case of the breadwinner’s death.

Consider financial obligations (mortgage, loans), family expenses, and the standard of living you wish to maintain. Many recommend a coverage amount of about 5–10 times your annual income or enough to cover debts and family needs.

It depends on the type of policy and agreement. It can be for a fixed term (10, 15, 20 years) or for the insured’s lifetime. Endowment or investment-type policies often have a set maturity age (e.g., 60 or 65).

Often, yes, but it depends on the insurer. Changing the coverage amount or adding riders may require reassessment of health status and recalculation of the premium.

Under certain conditions, you can deduct life insurance premiums from your personal income tax, provided it’s a long-term policy and no early withdrawal occurs. Always consult a tax advisor or check current legislation for details.

Yes, it’s a common practice. In some cases, employer contributions are tax-advantaged up to a certain limit and serve as a valuable employee benefit.

For a short delay, the insurer usually sends a reminder. If premiums remain unpaid for a longer period, the policy may be suspended or canceled, depending on the contract terms.

Some insurers allow a temporary pause in payments (e.g., during financial hardship). However, coverage may be reduced or suspended during this period.

Generally, yes. Most life insurance policies have global coverage, though exclusions may apply (e.g., active war zones). It’s important to check the policy terms.

You must file a claim with the insurance company, providing relevant documents (death certificate, medical records, official statements, etc.). Once verified, the insurer pays the agreed sum.

With term life insurance, there is typically no surrender value since there’s no savings component. With whole life or investment-linked policies, you can receive a surrender value (odkupné), but it may be significantly lower than the total premiums paid, especially in the early years.

Employer-provided plans may have limited coverage amounts and are not tailored to individual needs. A personal policy offers customized coverage and continues even if you change jobs.